It’s no secret that the world’s becoming more connected and more sustainable than ever before. Some of the newest frontiers include smart utility services and eco-friendly energy supply. In this article, learn about the full range of considerations surrounding the design and adoption of IoT-enabled smart power meters.
In general, IoT technology is all about data. Creating data, processing data, and presenting data in a way that actionable decisions can be made based on it, in order to improve efficiency. IoT-enabled smart power meters are no different, really. They provide real-time usage information back to utility providers - leading to more accurate billing, predictive maintenance abilities, and a more dependable power grid.
The switch to smart meters is a macro-trend, globally, with the market size expected to grow to almost $45 billion by 2026. Most developed economies, including those in the United States, Canada, the U.K., and throughout western Europe, are already making big strides toward adoption. There’s still plenty of growth to be had, though.
There are a few potential roadblocks that utility companies and customers need to work through before complete adoption takes place. These include heavy upfront costs, integration with legacy equipment, and difficulties with data privacy and security. As more advanced smart meter technology comes online, however - especially technology driven by forward-thinking companies like TE Connectivity - adoption will rapidly intensify.
One thing’s for sure - the companies that can develop and market the next generation of smart meter technology will be best poised to take advantage of this massive market shift. Find out more by clicking through to the article.